nortel

Gary Daichendt has stepped down as Nortel Networks' President and Chief Operating Officer after only working for the company for three onths. His reason for leaving the company is a difference of business views with CEO Bill Owens.

Nortel Networks Inc. is buying government IT services firm PEC Solutions for $448 million.

Nortel has invested US$10 million in Sasken Communication Technologies Limited for an undisclosed stake in Sasken's fully diluted equity, the companies announced today.

Nortel Networks appointed senior executive Peter Currie as CFO effective February 14, 2005.

LG Electronics and Nortel are establishing a joint venture to provide telecommunications equipment and networking solutions to Korea and other markets globally.

After three deadline blunders, Nortel finally completed a restatement of 2001 to 2003 results.